Truth in Savings Act

[AI summary unavailable — showing source text] Truth in Savings Act - Requires each advertisement, announcement, or solicitation by a depository institution or deposit broker which refers to a specific interest rate, yield, or rate of earnings on amounts deposited in a demand or interest-bearing account to state the following information clearly and conspicuously: (1) the annual percentage yield and the period such yield is in effect; (2) all minimum initial deposit, minimum balance, and time requirements for earning such yield; (3) the annual rates of simple interest; (4) fees or other conditions that could reduce the yield; and (5) any interest penalty for early withdrawal. Authorizes the Board of Governors of the Federal Reserve System to exempt advertisements, announcements, or solicitations made by any broadcast or electronic medium or outdoor advertising displays not on the premises of a depository institution from the disclosure requirements relating to initial deposit requirements, rates of simple interest, or fees if such disclosure would be unnecessarily burdensome. Prohibits any institution from making any advertisement, announcement, or solicitation that is inaccurate or misleading or that misrepresents its deposit …